QUICK SUMMARY

• Daily performance of US indices: S&P 500 down -0.72%; Nasdaq Composite down -0.85%; Wilshire 5000 down -0.79%
• Top performing sectors: utilities up 0.76% and real estate up 0.62%
• Bottom performing sectors: energy down -2.72% and technology down -1.43%
• Technology and healthcare both down about 2% this week (the 2 sectors combined represent over 37% of the S&P 1500)
• Daily performance of international indices: Europe Stoxx 600 down -0.31%; China CSI 300 down -0.79%; Japan down -0.55%; UK FTSE 100 up 0.12%
• World equity markets taken together have almost doubled since the low of 23 March 2020 (on a USD total return basis)

VOLATILITY

• 1-month at-the-money implied volatility on the S&P 500 at 13.9%, up from 13.4%
• 1-month at-the-money implied volatility on the Europe Stoxx 600 at 12.9%, up from 12.2%

S&P 1500 VALUATION METRICS

• P/E NTM: 21.90
• PEG NTM: 1.40
• EV/SALES NTM: 3.03
• EV/EBITDA NTM: 14.66

NOTABLE WINNERS

• Brooklyn Immunotherapeutics Inc (BTX), a biotechology company based in Brooklyn (New York), up 45.5%
• CryoLife Inc (CRY), a health care equipment & services company based in Kennesaw (Georgia), up 24.2%
• Vaxart Inc (VXRT), a pharmaceuticals, biotechnology & life sciences company based in South San Francisco (California), up 17.0%
• Laureate Education Inc (LAUR), a consumer services company based in Baltimore (Maryland), up 15.8%
• Aurinia Pharmaceuticals Inc (AUPH), a pharmaceuticals, biotechnology & life sciences company based in Victoria (Canada), up 9.9%
• Arcutis Biotherapeutics Inc (ARQT), a pharmaceuticals, biotechnology & life sciences company based in Westlake Village (California), up 9.7%
• Overstock.com Inc (OSTK), a retailing company based in Midvale (Utah), up 9.4%
• Endeavor Group Holdings Inc (EDR), a media & entertainment company based in Beverly Hills (California), up 9.4%
• CTS Corp (CTS), a technology hardware & equipment company based in Lisle (Illinois), up 8.8%
• Covanta Holding Corp (CVA), a commercial  & professional services company based in Morristown (New Jersey), up 8.0%  

NOTABLE LOSERS

• Keros Therapeutics Inc (KROS), a pharmaceuticals, biotechnology & life sciences company based in Lexington (Massachusetts), down 16.1%
• MicroVision Inc (MVIS), a technology hardware & equipment company based in Redmond (Washington), down 15.3%
• Twitter Inc (TWTR), a media & entertainment company based in San Francisco (California), down 15.2%
• Pitney Bowes Inc (PBI), a commercial  & professional services company based in Stamford (Connecticut), down 14.5%
• Cirrus Logic Inc (CRUS), a semiconductors & semiconductor equipment company based in Austin (Texas), down 13.7%
• ALX Oncology Holdings Inc (ALXO), a pharmaceuticals, biotechnology & life sciences company based in Burlingame (California), down 12.6%
• First Solar Inc (FSLR), a semiconductors & semiconductor equipment company based in Tempe (Arizona), down 12.3%
• SM Energy Co (SM), a energy company based in Denver (Colorado), down 11.2%
• Pacific Biosciences of California Inc (PACB), a pharmaceuticals, biotechnology & life sciences company based in Menlo Park (California), down 10.8%
• Studio City International Holdings Ltd (MSC), a consumer services company based in  (Hong Kong), down 10.6%

NOTABLE IPOs

• ION Acquisition Corp 3 Ltd / Israel - Financials / Listing Exchange: New York / Ticker: IACC / Gross proceeds (including overallotment): US$ 220.00m (offering in U.S. Dollar) / Bookrunners: Goldman Sachs & Co, Morgan Stanley & Co LLC
• Grupo Ecoener SA / Spain - Energy and Power / Listing Exchange: Madrid / Ticker: ENER / Gross proceeds (including overallotment): US$ 121.19m (offering in EURO) / Bookrunners: Sabadell Multibanca, Societe Generale SA, CaixaBank SA, Hongkong & Shanghai Banking Corp Ltd, Credit Agricole Mutuel Pyrenees Gascogne Espana, Kepler Cheuvreux SA
• Werewolf Therapeutics Inc / United States of America - Healthcare / Listing Exchange: Nasdaq / Ticker: HOWL / Gross proceeds (including overallotment): US$ 120.00m (offering in U.S. Dollar) / Bookrunners: Evercore Group, Jefferies LLC, SVB Leerink LLC
• Vaccitech plc / United Kingdom - Healthcare / Listing Exchange: Nasdaq / Ticker: VACC / Gross proceeds (including overallotment): US$ 110.50m (offering in U.S. Dollar) / Bookrunners: William Blair & Co, Jefferies LLC, Morgan Stanley & Co LLC, Barclays Capital Inc

NOTABLE FOLLOW-ONS

• Soochow Securities Co Ltd / China - Financials / Listing Exchange: Shanghai / Ticker: 601555 / Gross proceeds (including overallotment): US$ 1,313.55m (offering in Chinese Yuan)
• Fujian Anjoy Foods Co Ltd / China - Consumer Staples / Listing Exchange: Shanghai / Ticker: 603345 / Gross proceeds (including overallotment): US$ 1,081.75m (offering in Chinese Yuan)
• Tsingtao Brewery Co Ltd / China - Consumer Staples / Listing Exchange: Hong Kong / Ticker: 0168 / Gross proceeds (including overallotment): US$ 301.30m (offering in Hong Kong Dollar) / Bookrunners: Citigroup
• Euronext NV / France - Financials / Listing Exchange: Euro Paris / Ticker: ENX / Gross proceeds (including overallotment): US$ 256.18m (offering in EURO) / Bookrunners: Societe Generale SA
• FirstRand Ltd / South Africa - Financials / Listing Exchange: Johannesbu / Ticker: FSR / Gross proceeds (including overallotment): US$ 145.45m (offering in South African Rand) / Bookrunners: RMB Morgan Stanley(Pty)Ltd, JP Morgan Securities Plc